The Westin Bonaventure in Los Angeles- Where Legacy Meets Innovation.
We were in our wheelhouse last month, interacting with a room full of developers, investors and property owners on the topic of inclusionary housing.
The venue was the Westin Bonaventure in Los Angeles, where over 1,500 real estate industry professionals gathered for the 2016 “Where Legacy Meets Innovation” national RealShare Apartments conference.
Invited to present as part of the “Affording Affordable Development” panel, Chelsea’s Sidney Stone addressed the challenge: how do developers meet their affordable requirement, while providing a high quality product within tight budgets.
“Chelsea has been successful in creating more than 3,000 inclusionary units through strong partnerships with market rate developers,” Stone told the crowd. “Our developments blend in with master communities and are indistinguishable from market rate communities.”
Stone extolled the benefits of partnering with an affordable housing developer that has an in-house financing team, as well an as in-house construction operation.
“Both of these alliances assure timely completion and quality control, and promote greater access to capital markets,” said Stone.
Earlier last month in northern San Diego, Chelsea opened Torrey Vale Apartments, where 28 affordable units met two inclusionary requirements of master developer Taylor Morrison. Torrey Vale was completed well within budget and several months ahead of schedule.
Torrey Vale Apartments.
“This closed escrow in January, so this is 10 months of construction and these families are in,” said Debbie Ruane of the San Diego Housing Commission, during a recent grand opening ceremony. “Twenty eight families are already housed in this amazing community.”
Fore more information on Chelsea’s inclusionary housing expertise, contact Sidney Stone at 562-266-8331 or via email: sstone@chelseainvestmentco.com.